GS Finance Corp. filed a Free Writing Prospectus on November 12, 2026, disclosing terms for Market Linked Notes that are autocallable with a contingent coupon and memory feature, linked to the lowest performing of four underlying stocks, with a stated maturity date expected to be November 20, 2031.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor, with the notes part of the Medium-Term Notes, Series F program.
  • Underlying stocks: The notes are linked to the lowest performing of Axon Enterprise, Inc. (AXON), Dell Technologies Inc. Class C (DELL), Snowflake Inc. (SNOW), and Oracle Corporation (ORCL).
  • Contingent coupon rate: At least $8.834 per $1,000 face amount per month, equivalent to at least approximately 10.60% per annum, payable only if the lowest performing underlying stock closes at or above its coupon threshold price on the related calculation day.
  • Coupon threshold price: 75% of each underlying stock's starting price.
  • Principal at maturity: If not automatically called, the maturity payment amount equals $1,000 per $1,000 face amount, in addition to any final or unpaid contingent coupon payments that are due.
  • Estimated value at pricing: The estimated value of the notes at the time terms are set on the pricing date is expected to be between $885 and $915 per $1,000 face amount.
  • Underwriting discount: Up to 3.325% of the face amount; Wells Fargo Securities, LLC is the distribution agent.

Terms and Structure of the GS Finance Autocallable Notes Due November 2031

According to the filing, the notes carry CUSIP 40058MUW6 and are registered under Registration Statement No. 333-284538. The pricing date is expected to be November 17, 2026, and the issue date is expected to be November 20, 2026. Calculation days occur monthly on the 17th of each month, commencing December 2026 and ending with the final calculation day expected to be November 17, 2031. The notes will not be subject to automatic call until the November 2027 calculation day, the filing states.

The filing describes the automatic call feature: if the stock closing price of the lowest performing underlying stock on any call date is greater than or equal to its starting price, the notes are automatically called and holders receive the face amount plus a final contingent coupon payment and any previously unpaid contingent coupon payments. The memory feature means that contingent coupon payments missed on prior calculation days, when the lowest performing underlying stock closed below its coupon threshold price, become payable on a subsequent calculation day when that threshold is met. The filing notes that any return on the notes "will be limited to the sum of your contingent coupon payments, if any," and that holders "will not participate in any appreciation of any underlying stock."

The filing discloses that the estimated value of the notes at pricing is expected to be between $885 and $915 per $1,000 face amount, which is less than the original offering price. The filing further notes that Wells Fargo Advisors may receive a selling concession of 2.00% of aggregate face amount plus a distribution expense fee of 0.075% per $1,000 face amount sold, out of the underwriting discount. GS&Co. may also pay a fee of up to 0.30% of aggregate face amount to selected securities dealers for marketing and other services, according to the filing.

What Was Disclosed

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., disclosed the terms of autocallable Market Linked Notes due November 20, 2031, linked to four underlying stocks on a worst-of basis, with a contingent coupon rate of at least approximately 10.60% per annum and principal return at maturity.